There were sharp disputes over regulation, stimulus ideas, and the value of Keynesian economics. Ferguson tended to argue against government intervention, while Madrick was strongly in favor of it. “On the whole,” said Ferguson, “financial innovation and financial markets have been a boon.” He noted, however, that markets, whether regulated or unregulated, were prone to panic. He placed blame for the crisis on the over-spending, over-leveraged culture that had developed in the United States and globally. Madrick argued that Americans had in many cases been borrowing simply to pay the bills, pointing out that the average American worker did not deserve to be blamed for the downturn. He noted that the typical male in his 30s earned less that his counterpart in the late 60s and 70s during the recent boom years. [more]
--Posted by Lynn Parramore, RecessionWire.com
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